Lifespan posts $28.6M net loss in most recent quarter

Providence, R.I.-based Lifespan saw revenues increase in the quarter ended Dec. 31, 2018, but ended the three-month period with a net loss.

The nonprofit health system recorded revenues of $490.4 million in the most recent fiscal quarter, up 2.2 percent from $479.7 million reported in the same period a year earlier, according to unaudited financial documents. Net patient service revenue increased year over year, as did adjusted patient days.

At the same time, Lifespan's operating expenses grew year over year to $504.6 million in the most recent quarter. That's up 6.4 percent from $474.2 million in the same period during 2017. Lifespan primarily attributed the change to increases in compensation and benefits, purchased services and supplies and other expenses.

For the quarter ended Dec. 31, 2018, Lifespan reported a $14.2 million operating loss, compared to operating income of $5.5 million in the same quarter in 2017. In terms of nonoperating performance, Lifespan recorded a $14.3 million nonoperating loss, driven by a $11.1 million loss on investments.

After including nonoperating results, Lifespan ended the quarter with a $28.6 million net loss, compared to net income of $5.1 million in the same quarter a year prior.

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